2011 Tax Planning for Businesses

Submitted by Marietta Z. Courtney, CPA, MST

Q.  What is Tax Planning?

A.  An analysis with the goal of helping you keep more of your hard earned money.  It’s a tool to be used to help you make sound business decisions and minimize your taxes.

Q.  Is it something only big companies do?

A.  No. Everyone can benefit. You work hard for your money: going to trade shows, networking events, increasing your visibility, blogging, etc.  You need this information to help you decide on your action steps.  If you do nothing with it, its what the federal and state governments will tax you on and then there  will be less money available for the business.

Q.  Is it expensive?

A.  It does not have to be.  It can be as basic or detailed as you need. You can start by doing the analysis yourself. Then talk to your CPA about your results so you can decide on appropriate action steps together.

Q.  Do I wait until the end of the year?

A.  If you wait, it may be too late. The goal is to determine what you can do in 2011.

Example for a cash basis business:  For Discussion Purposes Only

1. Determine your Net Income (Profit) or Net Loss - The total income for the year of your business (example- cash received) LESS total expenses (example- cash paid out and you may also have some non- cash expenses such as depreciation). 

2 A. Are you left with a Profit ?– are there any items you’ve been meaning to buy for your business, any expenses coming due soon that you can pay before the end of the year, any groups your business was looking to join, did you want to sign up for training or conferences. Talk to your CPA to find out what additional deductions would be allowable.

2B. Are you showing a Loss? Have you had Losses in previous years and could your business be in danger of being treated as a hobby by the IRS? Talk to your CPA to find out if this is a concern for your business, what it would mean and if there is any additional income you can recognize this year.

REQUIRED DISCLOSURES: To ensure compliance with requirements imposed by the IRS, I inform you that any tax advice contained in this communication (including attachments) is not intended or written to be used, and cannot be used, for the purpose of avoiding penalties under the Internal Revenue Code.

Marietta Z. Courtney, CPA, MST

Serving Business and Individual Clients for Over 18 Years
(617) 416-2096

www.courtneycpa.com

Time on Your Side

Submitted by Tamara Myles 

    One great way to increase productivity is to better manage your time. To begin, get an accurate gauge of the real time it takes to accomplish a variety of routine responsibilities.
    Use a kitchen timer to measure time spent on your work activities. You'll likely discover that most unpleasant tasks don't take as long as you think they will. And most pleasant things tend to drag out a bit longer than you'd expect. Then, use this information to help schedule future tasks. If checking and returning phone messages takes an hour each day (who knew?), then block off that amount of time for phone calls. Clearing off your desk by filing papers may seem like an unending job, but in reality, it may take only ten minutes. Now it seems more manageable!

     Then, become more productive by avoiding interruptions. Did you know that the average office worker is interrupted 73 times every day? Be prepared for these obstacles by setting aside time each day for "open office hours," and let your  colleagues know they can drop by during this time for  assistance.
     Use your lower-energy hours as your open office hours so you don't waste peak productivity periods. That way, you can devote time when your energy is highest to plow through your absolutely-must-do tasks.
    Close your door or consider putting up a "do not disturb" sign outside your doorway to let office mates know when you need privacy. Of course, emergencies will pop up occasionally, but by following these guidelines, your productivity will soar.

Tamara Myles

Tamara Myles Consulting

www.tmylesconsulting.com

508-837-4112

Note, The Women's Business Network of Southeastern Ma would like to congratulate Tamara on passing the exam to become a Certified Professional Organizer (CPO®). This certification is a voluntary, industry-led effort that benefits the members of the organizing profession, as well as the public. It recognizes those professionals who have met specific minimum standards, and prove through examination and client interaction that they possess the body of knowledge and experience required for certification. This program recognizes and raises industry standards, practices, and ethics. Certification of professional organizers maximizes the value received from the products and services provided by a CPO®.

Redecorating Dining Room - Paint and more (6)

Submitted by Dotty Wyman

The dining room project is once again moving along.  When the rain came, so did the painter for some interior work.  He called me on Tuesday last week and was there on Thursday to start the job.  Since I had already selected the colors for the room and ordered the wallpaper, he could come even on such short notice.  The work to replace the baseboard moulding, wallpaper and paint was completed in two days.  They accomplished everything I requested.  There were only 2 small changes to the original estimate, which the painter confirmed with me prior to starting.

A view of the overall look of the walls

The picture above shows the rich brown paint on the upper portion of the walls which is balanced with the bold striped wallpaper below the chair rail.  The 2 3/4" baseboard moulding has been replaced with 7 3/4" moulding (the same height as the heat registers) and all the trim has been painted with a fresh coat of white paint.  I decided to paint the ceiling a golden yellow color (pictured below).  I thought the color on the ceiling would give the room a more contemporary feeling and it was an opportunity for me to introduce the yellow color from my design inspiration photos into the room.

Below are a few more detailed pictures of the walls and ceiling.

The 7 3/4" baseboard adds a strong architectural detail

The baseboard heat has also been painted white to blend
with the baseboard moulding

The yellow painted ceiling is unexpected and helps to
accentuate the crown moulding

The dining room redesign is almost complete.  The window treatments are the next step in my project plan.  I am in the process of making the drapes and I have ordered the decorative drapery rods.  

Please write me any comments or questions you may have about this redesign project.

www.DottyWymanDesigns.com 

WBN Ladies Movie Night at Patriot Place.... A blockbuster hit

The Women’s Business Network of Southeastern Massachusetts (WBN) hosted a Ladies Night Out at the Movies at Patriot Place Showcase Cinemas De Lux in Foxboro, featuring the movie “The Help” on August 16^th from 6 pm to 10:30 pm. 

A select group of WBN members showcased their products to all the ladies and networked in a soothing and welcome atmosphere.

Meus Kaveny , stella & dot

CAbi,  Sue Haley

 Lots of networking and mingling took place amidst hors d’oeuvres, a wine tasting, and tarot card readings..

Thanks to Janine Cavanaugh, Helpful Organizer for arranging this event.

   Click Here to view more photos from this event.

Are You Good Enough ?

Submitted by Jen Vondenbrink - Life Simplified
Really?
That was my first thought when I saw this.  An actual ad getting people to eat lard.  Sounds incredible to us today, but back then, this was “good advice.”

Let’s say you have a great Aunt Millie who was alive during that time. Do you think she still thinks eating lard will make you happy?  Maybe she does.  Yikes, that’s scary.

Our Critical Mind
When we listen to our critical mind, it’s like listening to great Aunt Millie.  Your critical thoughts have been formed not just over your life time, but over generations.  Some information is valuable (don’t touch hot stove). Other information (eat lard to be happy) doesn’t make sense any more.
What would happen if you were sad and great Aunt Millie suggested you eat lard.  You’d probably roll your eyes and say, “Okay Aunt Millie.  I’ll have to try that,” never intending to eat one ounce of lard.
Unfortunately we don’t apply the same rules to our critical mind.  When it says something crazy like “Are You Good Enough?” we pay attention.  We even take action on that thought.

What If Aunt Millie Ran Your Family or Business?
Think of the consequences if you put great Aunt Millie in charge of your family, your business, or if she lived with you and you had to do everything she said.  You could be eating lard every day.  I know that doesn’t sound logical, but when you listen and take action on your critical thought without examining them, that’s exactly what you’re doing.

Welcome it
I’m going to suggest you welcome those critical thoughts.  Accept they’re part of you.  Don’t let it run crazy in the background dictating your actions.  Once you accept them (which doesn’t mean act on them, it just means listen), your critical voice looses effect.  You begin to see some of it’s warnings are false.  They served you and your family well in the past, but they don’t apply any more.

Walk Away
Let’s say great Aunt Millie did come to live with you.  You accept her.  You welcome her.  When she starts talking about lard, however, what do you do.  Smile, nod and walk away.  You chalk her suggestions up to her past experience.  You realize they aren’t relevant to your life today.  You don’t buy lard and you’re okay with that.

How To Live With Your Critical Mind

The same can happen with the critical voice.

• Listen to what it says.Ask, is this true?
• If the advice is inaccurate, continue on your path. The conflict is gone

Next Time

When your critical voice says, “Are You Good Enough?’  Answer, “I am thank you.”  Then confidently excuse yourself, grab a glass of lemonade and throw the lard in the trash.

Photo credit: Ravinsmagiclantern via Flickr under creative commons license

Jen Vondenbrink
Life Simplified
www.yourlifesimplified.com
Life Enrichment and Leadership Training
781-864-1782
 
"Life is simple when you remember to breathe."

Be The Best You Can Be

 

"We can only be more today than we were yesterday" – Mary Morrissey

Keeping Up With The Jones’
What an exhausting pursuit whether you enter the race in your personal or professional life. Wouldn’t you agree?
While on vacation, I realized how much I’d been comparing myself and my business to others. There’s not one bit of empowerment in saying you’re not doing as well as another person.

A Simple Lesson – It’s All Up To Me
Years ago, when I was in retail, we had a year of unrealistic budgets. The calculations made the numbers impossible to achieve.
In order to build momentum in my store, I focused on week to week and month to month growth, rather than the numbers on a page. That shift allowed me to stay motivated, motivate my team and when the new budgets were published, we were poised for success.
I admit, until recently I’d forgotten that lesson. Since vacation I’ve begun to look at myself as my only competition. I compare me to me. “How did I do yesterday?” “How did that compare to the day before?” Not “How am I doing compared to them?”

Be Your Own Biggest Competition
Whether it’s personal or business goals you’re looking to achieve, this shift will rev up your energy rather than tear it down. You’ll also find success much more easily than when you compare yourself to others because there’s always someone new to compare to, but there’s only one you.

Do you agree or disagree? I’d love to hear your opinion.

Jen Vondenbrink
Life Simplified
http://www.yourlifesimplified.com/

Take Care of Your Skin !

Submitted by Patty Nameishi - NuSkin

                                      

Beaches and barbecues await... While you're cooking up those meats on the grill, be sure you're not cooking your skin as well! 

An estimated 3.5 million Americans develop skin cancer each year; be smart about your sun protection. You can avoid this disease, and look younger longer.  

Recently, on the Today Show, Dr. Nancy spoke about the new sunscreen guidelines that will be implemented in the US including requirements to list ingredients in labeling. Some of the labeling thus far has been deceptive, and it's time for this needed change.

SPF 15 cuts out 93% of the suns harmful rays. Most Dermatologists recommend a SPF of 30. "Above 30 or higher you're looking at marketing, not science", a noted doctor stated. Its not the number; you need to keep reapplying, every 2 hours if you are in the sun.

What does SPF stand for?

SPF stands for sun protection factor. SPF is a factor of how long you can remain unprotected in the sun without burning. For example, if you begin to burn after 10 minutes in the sun then applying a sunscreen with an SPF of 15 will allow you to remain in the sun for 150 minutes before beginning to burn.

                                                        

The American Academy of Dermatology recommends people to use about one ounce of SPF 30 to cover their bodies, a glob about the size of a golf ball.

For information on our products and science, please visit my website www.agingmyth.nsedreams.com 

You can view the catalog online at http://www.nuskin.com/global/library/pdf/catalog/EN/2010/pageflip.html

Patty Nameishi
NuSkin


To see what's in Patty's "Summer Survival Tool Kit" including a great special offer for WBN members, Click Here